NAFCU applauds Matz’s statement in letter confirming agency’s TILA/RESPA good-faith expectations
WASHINGTON, DC (March 22, 2016) — National Association of Federal Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt applauds National Credit Union Administration (NCUA) Board Chairman Debbie Matz’sreaffirmation that the agency will consider “good faith efforts” by credit unions to comply with the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosures (TRID) rule during examinations. Matz reaffirmed NCUA’s intentions in a letter today.
“We appreciate Chairman Matz’s consideration and leadership in recognizing the value of ‘good faith efforts’ by credit unions on this complicated new rule,” said Hunt. “We welcome the agency’s prompt response to our request and the reaffirmation of its commitment to an eased transition on the TILA/RESPA mortgage disclosure requirements.”
On March 16, Hunt sent a letter to Chairman Matz seeking reaffirmation of the agency’s commitment on the TRID rule.
In Matz’s letter, the agency detailed that NCUA examiners will look for reasonable and good faith efforts by credit unions toward substantial compliance with the final rule.
Chairman Matz was the first regulator to acknowledge the extraordinary value of recognizing “good faith efforts” by credit unions in complying with the TRID rule in June 2015.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.